'Fast Money' Recap: Whale Watching

Dylan Ratigan hosted CNBC "Fast Money" show Friday night. He kicked off the show with a discussion of some large stock purchases by some well-known "Wall Street whales." He explained that hedge-fund manager George Soros increased his stake in Wal-Mart(WMT Quote). Jeff Macke says "you can go broke chasing these whales, but when they are following me around, it seems awfully smart."

Warren Buffett also increased his stakes in ConocoPhillips(COP Quote) and took a new stake in Eaton(ETN Quote). Karen Finerman said Conoco is attractive here. Tim Seymour says, "I love Conoco here; at these prices it trades at three and a half times earnings." Guy Adami pointed out that Buffett bought about 2% of the float in Eaton. He says "this has huge auto exposure, so it's interesting that he is dipping his toe in here."

The "Chart of the Day" was the S&P 500. The traders pointed out that the index looks like it's making a triple bottom. Seymour said it looks like "technically" the market wants to take it higher next week. Macke said there is no such thing as a triple bottom. He says "we will take out the lows."

Ratigan moved the conversation to the retail sector. He told viewers to look at Abercrombie & Fitch(ANF Quote), which plunged 20% today. Finerman said Abercrombie is relatively expensive and people don't have any money. Macke said everyone knew that Abercrombie's numbers would be terrible. Adami told viewers to start looking at Dick's Sporting Goods(DKS Quote) ahead of it's earnings because the stock has a big short interest....